Home improvement products can sometimes require the use of a variety of tools. While some people purchase tools each time they need a new one to complete a project, renting the tool instead can prove to be the more prudent option in some circumstances. Renting does not require you to take out a loan, they are tax deductible and renting offers a variety of options your personal budget may not otherwise allow. Another benefit of renting is that you will not have to worry about maintenance costs associated with tools you own.
- Buying equipment generally requires a loan and potentially onerous monthly payments, while renting does not.
- Rental fees can be deducted up front as business expenses, while purchased equipment only provides deductions when its value depreciates.
- Renting allows you to access a wider variety of equipment than you could plausibly buy.
“if we only need a piece of equipment for one or two jobs, we’re wasting money when we purchase these items.”